Slightly positive economic data from manufacturing and industrials helped maintain early momentum at the start of the month. Additionally, the employment environment has been steadily improving, with lower jobless claims.
However, a major point of volatility and concern came from the Eurozone as European debtors negotiate with the Greek government over the quickly approaching loan date.
A spate of weak consumer data also dragged on the markets, fueling speculation that the Federal Reserve would push off on an interest rate hike in response to a potentially weak economic growth.
The Fed, though, remained undeterred and stated that it will look into raising interest rates sometime this year, followed by incremental raises in the future.
The equities markets also rallied to new highs in mid-May. However, the markets were unable to hold onto the momentum and fell off in the last few days, with stocks ending on a down note in the last day of trading after the government revealed the economy contracted over the first quarter.
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Max Chen contributed to this article.